Blockchain technology presents several advantages to the lottery industry, making its integration not only immensely beneficial but poses it as a crucial step to further expand the industry. Integrating blockchain technology decentralizes the chances, making the lottery more transparent and more accessible. The Lotto, to this day, remains to be the biggest game boasting the widest international reach and the biggest payouts. The game itself is simple: one selects six numbers between 0 and 47 and puts them on the card. On the day of the draw, 6 numbers will be drawn and whoevers numbers match the ones drawn wins.
What is MITOSHI?
MITOSHI IS the next generation of online gaming and crypto-lotteries powered by the blockchain. Centralization in global lotteries today heavily hinder the growth of lotteries. Taxation, slow payouts and regulations is hurting the industry. Mitoshi CryptoLotto aims to solve this using smart contracts on a blockchain platform. Mitoshi CryptoLotto will bring forth a completely transparent and fair lottery experience to the global market. Players will be able to enjoy a wide array of lottery games with nearly instant payouts. They will be able to enjoy a completely transparent platform that ensures fairness and enjoyment in their gaming.
Mitoshi CryptoLotto will be the future and forefront of online lotteries. We aim to become the world’s biggest and most accessible cryptolotto by offering a lottery platform that boasts in its features, accessibility, as well its fairness.
To capture the global lottery market by providing a fair, transparent and secure platform that is accessible to anyone around the globe. We are launching the Mitoshi CryptoLotto ICO as a crowdfunding initiative to pursue this viable and profitable project as well as reward our early supporters.
Mitoshi CryptoLotto will build on a completely transparent and fully decentralized platform for organizing and administering the global lottery operation. It will utilize the blockchain platform and with Ethereum smart contracts for collecting and distributing funds as well as in paying lottery sales commissions through our referral program. It is envisioned, as an international lottery play and will offer daily draws that cover the geographies of Asia, North America and Europe. With smart contracts, winning neither numbers nor lottery tickets could not be counterfeited. And as a decentralized community owned by the internet community, Mitoshi CryptoLotto could not be shut down.
Different Types of Lottos According to LottoCop, there are five (5) different types of lotteries. These types are the lotto, the powerball, raffles, scratch-off instant games, and the dailies.
• The Powerball has been around since 1992, and the odds of winning are greater in the powerball than the traditional lotto. However, it’s more costly to play this one.
The powerball jackpot is won by matching a total of 6 balls in any order. The draws are twice a week. Although the odds are better, the winnings will have to be split with more people which means you may winless in this game.
• Raffles have been around and run alongside other games and oftentimes viewed as a bonus. In a raffle, you have a pre-selected number assigned to you, oftentimes printed as codes on the ticket. If the code on your ticket matches the code drawn, then you win.
• Scratch-off instant games are online, quick, and easy. The tickets range from US$ 1 to US$ 50 and the payout can be large or small depending on how much you’re willing to pay per ticket.
The Issues and Challenges in the Lotto Industry
Challenges within the Lotto Industry have been experienced ever since its conception. Since then, they have brought about problems that not only hurt the industry but also hinder its growth.
Fairness and Transparency
Validating and ensuring the fairness within a lottery is vital to its purpose. Any form of bias at all is detrimental to the concept in itself and the industry. A study from the University of Cambridge went into how exactly the lottery can be cheated and rigged. For example, some machines do not have enforceable limits on ticket sales meaning any operator could issue a mass of tickets without paying for them, hence rigging the number of tickets required to win a jackpot. Also, lotto terminals can be attached to fake servers to forge tickets after the draw or to undermine the credibility, making the tickets unredeemable even if they win.
Lack of Innovation
In addition to this, Lotto’s don’t have much room for variety in game development or innovating existing games to bring something fresh and new onto the table. Not only does this affect the entertainment aspect of the lotto, but it is also opens avenues for cheating and bias. The lottery has been around since 1446, organized by a Flemish painter and they’ve been playing raffles since then. Take the lotto, for example, it’s been around since 1530 in Florence and is still being played today. In the US, lotteries have been around since as early as the 18th century and even the cannons were funded through lottery money by Benjamin Franklin in the Revolutionary War.
Solution to the enumerated problems
By making use of Ethereum smart contracts, Mitoshi will build a lottery that is fair, transparent and secure – and globally accessible to those with an internet and a smartphone. Smart contracts will be used for collecting and distributing funds made from the token sale as well as in paying sales commissions and winnings – instantly. Furthermore, decentralized technology is a way to work around regulatory policies that inhibit the growth of the lotto industry while making its market much more expandable and involved. Mitoshi CryptoLotto will then be accessible anytime, anywhere with the ease of transaction provided through cryptocurrency via blockchain technology
Mitoshi Mobile Application
The Mitoshi mobile application will be designed to access the mitoshi platform. This app will hold all capabilities to join each draw as well as navigate through other gaming opportunities provided by the Mitoshi platform. The application can be accessed through both IOS and android.
Those who want to purchase these lotto tickets can either go to our website or download the app. They can register and an e-wallet will be assigned to them. They either deposit cash or transfer their bitcoin or ethereum assets into the e-wallets. And can purchase Mitoshi play tokens after these assets are credited. Mitoshi lottery can only be purchased through Mitoshi tokens and will be priced at 1 Mitoshi coin per ticket.
Mitoshi CryptoLotto Token Sale Mitoshi ICO
Mitoshi is an ambitious project aiming to revolutionize online lotteries using blockchain technology. Mitoshi is conducting a token sale to allow stakeholders an opportunity to join and support the Mitoshi platform. All token buyers and contributors will receive ERC20 exchangeable Mitoshi tokens (MTSH) on the Ethereum network. The Mitoshi token is a core component of the Mitoshi CryptoLotto. It will be used to access the different games and lottos provided within the Mitoshi platform. This design makes the token an integral part of the platform and core component to the lottery’s growth and operations. Token balances and transfers will be tracked by Mitoshi. To mitigate risk from unforeseen circumstances such as large token theft, contract compromise, or a disrupting change in the Ethereum protocol, Mitoshi may opt to freeze token transfers and issue a new token contract with balances replacing that of the original token registry by a certain date. In the event of an Ethereum fork, the Mitoshi team will timely announce which branch it will support.
Whitepaper : https://www.mitoshi.io/files/Fold_Brochure.pdf
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Telegram : https://t.me/Mitoshi_Crypto